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Really want to get to property developing! Advice please!

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  • Really want to get to property developing! Advice please!

    Hi i really want to get to property developing so will appreciate any advice.

    I have brought my first flat that needs modernisation. I paid 105k plus 10k for lease extension back to 99 years. At the peak in 2007 good flats on the same development were at around 148k.

    I have a 2yr fixed mortgage on it and am will be living there in there for the moment.

    I also used to be a full-time professional decorator (since changed career).

    I am wanting to get a second property now, maybe another flat around the 60k - 90k.

    At the moment im not sure how to get a second mortgage!

    One of the flats would obviously have to be let out!
    Last edited by cjonesguitar; 28-12-2008, 10:58 PM.

  • #2
    Speak to a mortgage advisor!

    If you're going to let the current one out, he may need to swap you to a buy-to-let mortgage, rather than the current one!

    What is it with exclamation marks? Have they become the fashionable full-stop?

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    • #3
      Thanks, I plan to speak to the advisor who did my mortgage for the flat recently.

      I will use full stops, sorry.

      I'm also interested in finding out more about propery auctions.

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      • #4
        Property auctions can be fantastic but unfortunately they can also be a pitfall for bad guy investors unloading crap properties on people like you and me.
        Always do your research on the property and more importantly (as you may not have this info) the area, don't make any rash decisions and never, ever over spend.
        Why not check out my property investing blog or get advice from some property investment experts?

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        • #5
          Remember buy to let mortgages can be based on the potential rental income and not your own salary, therefore whether you have a current mortgage or not should not come in to it.

          In my opinion it is a bad time for property development. Lets say you buy now and do up the property but by the time you finish and agree a sale prices have fallen another 10% completely undoing all the work you have done on it.

          Buy to let investment is much more appealling in the current climate and that can be combined with modernising properties if thats what you want to do as a former decorator.

          See my sig if you want to know more
          Free UK Property Investment Seminar

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          • #6
            cjonesguitar- I suggest you speak to Glenn Armstrong (Google Him), he has some very good systems he teachs, where you can buy property without using any of your own money for deposits.

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            • #7
              Originally posted by Sophie View Post
              cjonesguitar- I suggest you speak to Glenn Armstrong (Google Him), he has some very good systems he teachs, where you can buy property without using any of your own money for deposits.


              what are you his sales rep or something?

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              • #8
                Snowman

                No I am not his sales rep, as I told Googler and Paul Mn. I have been on the course and found it very useful.

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